FCT vs. FLYRX

Last updated Jun 3, 2026

FCT (First Trust Senior Floating Rate Income Fund II) and FLYRX (Pioneer Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, FCT returned 5.99%/yr vs 3.95%/yr for FLYRX. At a 0.20 correlation, their price movements are largely independent. FCT charges 0.03%/yr vs 0.75%/yr for FLYRX.

Performance

FCT vs. FLYRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Senior Floating Rate Income Fund II (FCT) and Pioneer Floating Rate Fund (FLYRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCT achieves a 0.95% return, which is significantly lower than FLYRX's 1.75% return. Over the past 10 years, FCT has outperformed FLYRX with an annualized return of 5.99%, while FLYRX has yielded a comparatively lower 3.95% annualized return.

FCT

• 1D: 0.10%
• 1M: -0.85%
• YTD: 0.95%
• 6M: 7.80%
• 1Y: 9.53%
• 3Y*: 12.40%
• 5Y*: 5.15%
• 10Y*: 5.99%

FLYRX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.75%
• 6M: 2.36%
• 1Y: 5.00%
• 3Y*: 6.25%
• 5Y*: 4.00%
• 10Y*: 3.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCT vs. FLYRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCT First Trust Senior Floating Rate Income Fund II	0.95%	9.24%	14.91%	18.06%	-14.54%	13.72%	2.73%	20.13%	-8.07%	-1.07%
FLYRX Pioneer Floating Rate Fund	1.75%	4.90%	6.94%	8.31%	-3.26%	4.32%	2.10%	7.57%	0.17%	3.74%

Correlation

The correlation between FCT and FLYRX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 15, 2007	0.20

The correlation between FCT and FLYRX shifts across timeframes, from 0.14 (3 years) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FCT vs. FLYRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCT

FCT Risk / Return Rank: 22
FCT Sharpe Ratio Rank: 16
FCT Sortino Ratio Rank: 25
FCT Omega Ratio Rank: 24
FCT Calmar Ratio Rank: 26
FCT Martin Ratio Rank: 18

FLYRX

FLYRX Risk / Return Rank: 83
FLYRX Sharpe Ratio Rank: 47
FLYRX Sortino Ratio Rank: 92
FLYRX Omega Ratio Rank: 93
FLYRX Calmar Ratio Rank: 95
FLYRX Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCT vs. FLYRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Floating Rate Income Fund II (FCT) and Pioneer Floating Rate Fund (FLYRX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FCT	FLYRX	Difference
Sharpe ratio Return per unit of total volatility	1.13	2.03	-0.90
Sortino ratio Return per unit of downside risk	2.10	4.61	-2.50
Omega ratio Gain probability vs. loss probability	1.26	1.72	-0.46
Calmar ratio Return relative to maximum drawdown	1.95	5.97	-4.01
Martin ratio Return relative to average drawdown	5.14	17.65	-12.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCT vs. FLYRX - Sharpe Ratio Comparison

The current FCT Sharpe Ratio is 1.13, which is lower than the FLYRX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FCT and FLYRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCT	FLYRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.03	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	1.50	-1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	1.11	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.05	-0.77

Drawdowns

FCT vs. FLYRX - Drawdown Comparison

The maximum FCT drawdown since its inception was -67.23%, which is greater than FLYRX's maximum drawdown of -30.67%. Use the drawdown chart below to compare losses from any high point for FCT and FLYRX.

Drawdown Indicators

	FCT	FLYRX	Difference
Max Drawdown Largest peak-to-trough decline	-67.23%	-30.67%	-36.56%
Max Drawdown (1Y) Largest decline over 1 year	-5.04%	-0.94%	-4.10%
Max Drawdown (3Y) Largest decline over 3 years	-11.61%	-2.05%	-9.56%
Max Drawdown (5Y) Largest decline over 5 years	-23.86%	-6.61%	-17.25%
Max Drawdown (10Y) Largest decline over 10 years	-39.88%	-19.05%	-20.83%
Current Drawdown Current decline from peak	-1.15%	0.00%	-1.15%
Average Drawdown Average peak-to-trough decline	-8.98%	-1.99%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.32%	+1.59%

Volatility

FCT vs. FLYRX - Volatility Comparison

First Trust Senior Floating Rate Income Fund II (FCT) has a higher volatility of 1.15% compared to Pioneer Floating Rate Fund (FLYRX) at 0.68%. This indicates that FCT's price experiences larger fluctuations and is considered to be riskier than FLYRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCT	FLYRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.68%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	7.02%	1.87%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	8.45%	2.48%	+5.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	2.68%	+9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.32%	3.59%	+9.73%

FCT vs. FLYRX - Expense Ratio Comparison

FCT has a 0.03% expense ratio, which is lower than FLYRX's 0.75% expense ratio.

Dividends

FCT vs. FLYRX - Dividend Comparison

FCT's dividend yield for the trailing twelve months is around 12.15%, more than FLYRX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCT First Trust Senior Floating Rate Income Fund II	12.15%	11.56%	11.25%	10.62%	9.03%	9.23%	9.88%	6.60%	6.49%	6.16%	6.11%	7.17%
FLYRX Pioneer Floating Rate Fund	7.27%	7.48%	5.87%	6.45%	5.40%	3.46%	3.91%	5.01%	4.70%	4.13%	3.88%	3.85%

Frequently Asked Questions

Can I hold both FCT and FLYRX in my portfolio?

FCT and FLYRX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCT or FLYRX?

FCT has higher volatility (1.15%) compared to FLYRX (0.68%). In terms of maximum drawdown, FCT dropped -67.23% vs FLYRX's -30.67%.

Which has better risk-adjusted returns?

FLYRX currently has the higher Sharpe Ratio (2.03 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.